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On the global precious metals market, gold (XAU/USD) rose by 0.1% on Wednesday, trading at $4,030 per troy ounce (31.1 grams).
Platinum on the spot market (XPT/USD) also gained 0.1%, priced at $1,600 per troy ounce (31.1 grams).
The main trading hubs for precious metals are concentrated in the London Over-the-Counter (OTC) market (LBMA), the U.S. futures market (COMEX), and the Shanghai Gold Exchange (SGE).
These three centers account for over 90% of global trading volume:
1. LBMA (London): The OTC market where major banks and dealers trade physical metals, setting benchmark prices (fixing).
2. COMEX (New York): The primary futures and options trading platform for precious metals, setting the U.S. benchmark prices.
3. SGE (Shanghai): The key Asian center that is growing, offering physical gold trading and influencing Asian supply and demand, particularly in the context of China.
It is worth noting that the gold market demonstrates high liquidity:
- Futures trading provides an average daily turnover of around $50-70 billion;
- The OTC segment shows even larger volumes — approximately $60-80 billion per day.
Overview provided by Alexey Grishchenko, Ph.D., Professor of the Department of Operational and Sectoral Management at the Faculty of "Higher School of Management" of the Financial University under the Government of the Russian Federation.